Looking for Down Payment Assistance?
Whether your client is a first-time homebuyer or not, take a look at our programs that provide down payment and closing cost assistance...
Join Our Lending Team
Become a GSFA Participating Lender
We are here to empower you to empower your clients!
Now more than ever, it is important to have innovative and flexible products at your fingertips. The more lending solutions you can offer to clients, the more potential for business. We have solutions to address one of the greatest challenges to homeownership, the lack of funds for down payment and closing costs. Our programs are flexible and easy to access. Plus, we delegate the underwriting of the mortgage loan to our Participating Lenders, so the loan process is as streamlined as possible.
The Role of Participating Lenders
- Serve as the point of contact for interested clients
- Assist the client with determining eligibility for the GSFA homebuyer assistance programs
- Provide interest rates and associated APRs
- Determine the mortgage, down payment and closing costs amounts
- Process the loan application
- Close the mortgage loan
Experience and Results
GSFA does not directly take nor process mortgage loan applications. Instead, GSFA works with lending partners to provide the GSFA homeownership programs to potential borrowers.
Today we have more than 200 lending partners throughout the state and countless loan officers to give clients the confidence that they too can become homeowners.
Are you ready to join the team?
Lender Approval: Step-By-Step
In order to offer and originate Mortgage Loans through GSFA DPA programs, Lenders must go through an approval and setup stage to verify that the Lender is capable of handling the responsibilities associated with originating loans on behalf of GSFA. The required documents outlined in the steps below must be signed by an authorized officer within the company.
Note: While Brokers/Brokerage Firms may also benefit from doing business with the GSFA homeownership programs, they must setup their own broker/wholesale relationship with one of the GSFA Participating Lenders in order to do so. GSFA does not approve brokers directly. Please see the current list of Participating Lenders for more info.
-
Determine Interest in Program(s)
The first step is to review an individual program and determine your organization's level of interest. The Program Index is a good place to start. Read general information about a program, its advantages and general guidelines. Then, if you are a mortgage professional, visit the associated Lender Participation Guide for complete program guidelines, eligibility requirements and origination steps. Note: Each GSFA homeownership program is structured differently, and has different eligibility guidelines.
In the main menu titled "Business Resources" as well as in our Learning Center you will find links to each Lender Particpation Guide, as well as other support materials such as Lender & Realtor Training to help familiarize you and your team with how the GSFA programs work.
Program Index Learning CenterApproval with Master Servicer
The next step is to obtain approval as a Correspondent Lender with the corresponding Master Servicer. Master Servicers may vary by program. This information is found in the individual Program Term Sheets, published in the respective Lender Participation Guides. Visit the GSFA Learning Center for quick links to Lender Participation Guides.
If you need assistance locating contact information for the respective Master Servicer, please Contact Us.
Approval and Setup with GSFA
The final step is to execute and return two essential documents from GSFA:
- Program Lender Agreement
- Lender Profile document
These documents are required by GSFA as the final step in becoming a GSFA Participating Lender. The Program Lender Agreement must be executed by an authorized officer at your lending institution, agreeing to abide by the terms for the Program and applicable lending laws. The Lender Profile document supplies GSFA with important information, contacts and management tools to establish access to the Online Reservation System (if applicable).
Note: Both the Program Lender Agreement and Lender Profile are program-specific. Visit the Lender Participation Guide for the individual program you are interested in to find the applicable documents. If you need additional assistance locating the Lender Participation documents for the respective program, please Contact Us.
Once GSFA receives these documents, they will be reviewed by your GSFA Support Team. You will receive notification of approval (or deficiencies to correct) within 3-5 business days. Then we will encourage you and your team to attend FREE Lender Training, which is primarily provided in an easy online webinar-style format.
We are excited to help you get started! If you have any questions or need assistance with our Lender Approval steps, please Contact Us.
Lender FAQ's
GSFA does not require the loan file to be sent to GSFA for a final compliance review step, prior to closing. Once a Participating Lender locks in the mortgage loan, the Lender approves and closes the mortgage loan according to their own internal process.
No additional compliance review step, means no delays from GSFA — Win-win for you and the borrower.
No. The GSFA DPA Programs do not require that the borrower be a first-time homebuyer.
In addition, depending on the program and type of mortgage loan, someone whom owns a home presently, but is looking to purchase another home that they will be moving into and occupying as their primary residence, may be eligible for the GSFA DPA programs.
Visit the Lender Participation Guides for complete program guidelines.
No. There are no restrictions within the State. However, the home must be in the State of California and the new homeowner must occupy it as their primary residence.
Join us for an in-depth Lender Training. We hold FREE Lender Trainings weekly in a convenient online webinar-style format. These trainings are intended for: Loan Officers, Originators, Processors and Underwriters.
If you are looking to setup an individualized training for your company, specific branch(es), etc. please Contact Us.
Related Posts
Learning Center
Training, marketing and other resources to help you boost your business while helping homebuyers...
Subscribe
Get news and program updates from Golden State Finance Authority delivered directly to your e-mail inbox...
Making Homeownership Possible
GSFA is a public agency providing affordable housing programs to contribute to the social and economic well-being of California residents...